KPMG professionals discuss ASC 848 and the relief that may be available when accounting for the transition away from LIBOR and other interest rates that are expected to be discontinued.
- Companies with contracts or hedging relationships that reference an interest rate that is expected to be discontinued (e.g. LIBOR)
- 00:50 - Reference rate reform summary
- 03:55 - Optional accounting relief
- 10:15 - Example of applying relief
- 14:50 - Sunset (end) date for relief
Handbook: Reference rate reform
In-depth guidance on ASC 848’s optional relief for affected contracts and transactions.
FASB issues ASU to extend relief for LIBOR transition
Entities can apply accounting relief for contracts and transactions affected by reference rate reform until Dec 31, 2024.